Dukhan Bank recorded a net profit of QR745 million in the first half of 2022, up 27% compared to QR586 million in the same period last year.
Total revenue for the first six months of 2022 grew to QR 2.1 billion, a growth rate of 8% compared to QR 1.9 billion in the same period in 2021. Strong revenue growth coupled with efficient cost management and greater operational efficiencies was achieved through a reduction in the cost/income ratio, which fell to 25.1% in the first half of 2022 from 26.3% in the same period last year.
The total assets of Dukhan Bank reached QR 104 billion in the first half of 2022, and customer financing assets amounted to QR 74 billion in the first half of 2022, while customer deposits amounted to QR 73 billion as of the end of June 30, 2022 , which ensures a funding-to-deposits ratio of approximately 100%. that reflect effective and prudent liquidity management.
The total shareholders’ equity reached QR 14 billion and the total capital adequacy ratio was stable at 18.3% as of June 30, 2022 under Basel III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio set by the Central Bank of Qatar and Basel standards .
Earnings per share increased 21% from QR1.13 per share in 2021 to QR1.37 per share in 2022. The bank’s return on tangible equity (RoTE) increased to 12 in the first six months of 2022 .7% versus 11.2% for the same period in 2021, up 14%, while the return on tangible assets (RoTA) rose 12% to 1.4% in the first half of 2022 compared to the same period last year.
It is worth mentioning that the international rating agency Fitch confirmed the bank’s rating of A- with a stable outlook and Moody’s confirmed the bank’s rating of A2/Prime-1 also with a stable outlook.
In the second quarter of 2022, Dukhan Bank went one step further to ensure its customers more convenient and seamless banking transactions with the launch of many digital solutions. The bank is the first partner in Qatar to join Mastercard’s global Digital First Card program. Under the program, Dukhan Bank is now issuing digital prepaid cards as part of the bank’s efforts to improve the customer experience.
Dukhan Bank has also launched its direct remittance service to India as part of its new digital services package. With the service, customers of the bank can now send safe and secure remittances directly from Dukhan Bank’s app to India within 60 seconds. This direct transfer service to India will be launched within Dukhan Bank’s D-Remit platform and will continue to expand to other countries with a variety of transfer options for customers.
In addition, Dukhan Bank, the first of its kind among Qatari banks, introduced “Investment Tracking”, an exceptional self-service feature that helps clients easily and conveniently view their investment portfolios while providing real-time reporting and analysis of portfolio performance.
The first half of 2022 also saw the launch of D-Tap (SoftPOS with PIN acceptance), the new smart payment solution for merchants. This cost-effective, maintenance-free solution enables merchants to accept payments via a variety of contactless cards and devices.
Dukhan Bank also introduced the direct-to-account money transfer service with Western Union money transfer services through their online banking offering via the web and app and their ATMs across the country. The service is an extension of Dukhan Bank’s existing international account-to-cash money transfer solution with Western Union, which now includes direct account-to-account transfers.
In recognition of its excellent services and innovative idea in the banking industry, Dukhan Bank won several regional and international awards in the first half of 2022. Dukhan Bank received nine awards in MEED’s 2022 Excellence Banking Awards, which recognized Dukhan Bank’s outstanding efforts in providing retail banking services and its leadership in enriching the digital banking experience for its customers with innovative solutions through the award of nine awards.
Dukhan Bank also won Global Finance’s Outstanding Innovation in Mobile Banking at The Innovators 2022 Awards for its mobile banking application, Dukhan Mobile, which offers customers a simple and convenient banking experience. In addition, the bank received the World’s Best Islamic Private Bank award in the Global Finance World’s Best Islamic Financial Institutions Awards for 2022.